Diabetes and Qualifying for Long Term Care Insurance

Diabetes of course can be a terrible disease causing much pain and health problems, especialy for older Americans as they age.  It can lead to potential problems as the disease progresses which can cause the person to need long term care as their body begins to slowly break down.  I met with a gentleman this week who has Diabetes and at first he thought he had no options when it came to buying a long term care insurance policy.  With some companies that is the case, especially if the person takes insulin.  Genworth which is the former GE Financial will not even look at a person if they are on insulin, but many of the other top companies we work with will.  John Hancock for example, will consider an insulin dependent diabetic who takes up to 50 units of insulin a day and has an A1C level under 8.0.  They really like to see it under 7.0 for the best rates.

If you have Type II Diabetes and are just taking oral medication you will have even more choices in companies but again the A1C level needs to be 7.0 or lower with most companies and of course a non-smoker.

People who have diabetes should be able to get long term care insurance if its controlled but you must do your homework and shop around with at least the top 3 companies.  At LTCtree we work with all the companies and have a good feel for various companies underwriting qualifications so we will match your unique health needs with the best company so you can get the most benefits for the least money.  Take a few minutes and fill out the form below and we will mail you your long term care insurance quotes today.

For residents of the Natural State, Arkansas, there is a great article floating around that talks about the process of evaluating nursing homes.  I will outline a few of the major talking points from the story.  Our hope is that this article helps those who are assisting a family member with the important choice of where to go for nursing care - be they covered by long-term care insurance or not.

• Visit multiple facilities
• Visit during different times of the day
• Visit this site: http://www.medicare.gov/compare/  to get official measurements of a facility.

Furthermore, the article covers a few costs, in this case specific to Arkadelphia, AR.

• Nursing care runs from $133 to $150 per day.
• Assisted living ranges from $87 to $110 per day.

 Long Term Care Insurance Foundation Info

I read an article by the Wicked Local Plymouth, MA edition that did a great job summing up the overall problem.   The problem being millions of Baby Boomers are retiring and it is surprising how few of them actually know that Medicare provides just a couple weeks of financial support for nursing home care when the average person needs it for at least a year.

The article states: "A 2006 Genworth Financial Survey says the national average private room rate at a nursing home (the most expensive care option) was $194.28 per day/$70,912 annually. The current cost of nursing care can be over $100,000 a year in many facilities in the Boston area."

Long-term care insurance (LTCI) may be a wise solution for people who need to bridge the gap between their nest-egg and the actual cost of long term care that they could potentially face if they or a loved one needs care.   There are some basic questions to begin the conversation on whether or not LTCI might be a good fit.  The first main question is I know no one ever really wants to envision needing long term care down the road, but would you agree that needing long term care is something that could happen to you in the future?  If yes, you're a realist.  If no, good luck to you but realize Superman sadly even needed long term care.

Some basic questions are: What family resources do you have to help you with your day-tp-day activities such as eating , bathing, dressing, etc.? While it's true that care giving puts a strain on family, it’s important to consider whether family and friends are truly willing and if you'd even want them to do so.   

How old are you and your spouse?  What is your health history and family health history? People in good shape buying long-term care insurance in their 50's typically get the most affordable rates. An individuals family health history and current health status are the real determinants of what your LTC insurance policy will cost, if you can indeed qualify.  Long term care is also not just an "old person" problem, in fact 40 percent of long-term care is provided to people between the ages of 19 and 65, so the need for care can happen to really anyone at any time. For that reason buying long term care insurance for some starting in their 30's for 40's could be a wise decision that could potentially save a person from a life-long hard-ship.  women should take a heightened interest in providing for their long-term care safety net. Long-term care insurance might be a good solution given their other investments and their health history.

If you'd like to learn how a long term care insurance policy would fit into your unique situation take a minute to fill out the short quote engine form below and we will send you a side-by-side quotes from the top 5-6 blue-chip companies...we work with all of the top companies and we'll mail them to you.  No agents coming out to your house.